Bharat Electronics gets order worth INR6.44B

Bharat Electronics gets order worth INR6.44B

The Competition Commission of India (CCI) has granted in-principle approval to Adani Group and Dalmia Bharat to acquire Jaiprakash Associates (JAL), a debt-ridden company with a Rs 57,185 crore debt load [1]. The approval covers up to 100% shareholding of JAL by Adani Enterprises (AEL) and Adani Infrastructure and Developers (AIDPL), or any other entity belonging to the Adani Group.

This decision comes amidst a Supreme Court ruling that mandates companies to seek CCI approval before submitting a resolution plan under the Insolvency and Bankruptcy Code (IBC). The approval must be obtained before the Committee of Creditors (CoC) votes on the plan [1].

JAL, admitted to corporate insolvency resolution by the National Company Law Tribunal (NCLT), Allahabad Bench, on June 3, 2024, is currently undergoing a review of resolution plans by the CoC. Other interested bidders, including Vedanta Group, Jindal Power, and PNC Infratech, have also approached the CCI for permission to submit their plans [1].

The acquisition of JAL by Adani Group and Dalmia Bharat is significant given the company's extensive portfolio of real estate and infrastructure assets. These include prime properties near Jewar Airport, Noida, and Greater Noida, as well as commercial and industrial office spaces, hotels, and cement plants in various states [1].

References:
[1] https://www.financialexpress.com/business/industry-cci-clears-adanis-and-dalmia-bharats-bid-for-debt-laden-jaiprakash-associates-3958719/